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Economy - Economics USA

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AP

The reason for consumer hostility is that the station is serving up what might be the costliest gas in the land. This week, as crude oil flirted with $110 a barrel and gasoline prices surged nationwide, a gallon of regular at Amerigo was going for $5

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Mother Jones

...key culprits: the CEOs who misrepresented their books and cashed out before the public knew what was happening, and the credulous finance reporters and securities analysts who cheered them along until it was too late.

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Dmitry Orlov

Having given a lot of thought to both the differences and the similarities between the two superpowers - the one that has collapsed already [Russia], and the one that is collapsing as I write this [U.S.] - I feel ready to attempt a bold conjecture, a

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www.nakedcapitalism.com

First Countrywide, now Bear. Why did the Fed not let Bear collapse? You can attribute it to the Fed's tendency to take responsibility for problems it can't and shouldn't fix, but this one is a trickier call than Countrywide.

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Reuters

The government's debt limit would be raised to $10.2 trillion under a budget approved by the House of Representatives. Their fiscal 2009 budget, would increase U.S. borrowing authority by $385 billion. [borrowing our way to prosperity]

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By RICHARD LARDNER - AP

Released Tuesday, the report from the Government Accountability Office offers a sobering assessment of the ambitious effort to deliver a modern series of aircraft known as the F-35 Lightning II to the Navy, Air Force and Marine Corps.

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AP

The pump finally stopped at $97.20, which put 24.5 gallons in his Chevrolet Avalanche. He was elated about living on Maui and being reunited with his pickup truck, but he wasn't so thrilled about paying nearly $4 for a gallon of regular.

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Washington Post

We can only hope that the Bush crime family's money is still in there, but I doubt it.

News Link • Global Reported By Trouser Chili
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Rawstory.com

In this C-SPAN video, Ron Paul warns of a worldwide economic collapse brought on by the fall of the dollar, the expense of maintaining an American empire, and soaring budget deficits.

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Mike

The latest insane idea (and there have been so many of them they are hard to keep track of), is from Sen Johnny Isakson who proposes $15,000 Rebate Checks For All Home Buyers. Mish

News Link • Global Reported By Mike Shedlock
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GCN Live

Prior Tuesday's monster 416-point Dow rally, the Global markets - not just the US - were panicked, possibly on the verge of a crash. On the Monday bank & financial stocks were in the grips of mini-crashes of their own...

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Mike

The panic actions by the Fed to inject liquidity will not work. $200 billion may sound like a lot of money, but when you compare it with the size of the markets that are melting down — there are $11 trillion in U.S. mortgages outstanding — it’s a dro

News Link • Global Reported By Mike Shedlock
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Mike

With global coordination from the ECB, Bank of England, and the Bank of Canada, the Fed is desperately trying to pump liquidity into the markets. While the short covering rally will suggest euphoria, the regulators have raised the stakes this morning

News Link • Global Reported By Mike Shedlock
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